Free enterprise economy - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

In a capitalist economy, factors of production are owned and controlled by the _____?

A. Citizen
B. Business Men
C. Government
D. Foreigners

Question 2:

• JAMB 2019

A capital market differs from the money market in that in the former ________?

A. The percentage of interest charged is more
B. Loan sought is long term
C. Loan repayment is guaranteed
D. Loan sought is short-term

Question 3:

• JAMB 2015

In which of the following economic systems do we have the means of production and exchange controlled by private individuals

A. Socialist system
B. Mixed system
C. Capitalist system
D. Traditional system

Question 4:

• JAMB 2014

In capitalist economies, questions about what to produce are ultimately answered by

A. Income level of households
B. Available technical skills in the economy
C. Output decisions of firms
D. Holding decision of households

Question 5:

• JAMB 1978

Which of these would not be included in the fundamental principle of a free enterprise economy

A. Private ownership of factors of production
B. The right to organize factor for production purposes
C. The right to make private profit
D. Government control of mobility of factor of production
E. Government effort to encourage competitive capitalism within the law of the country